Lattice Semiconductor Reports First Quarter 2016 Results

Recent Business Highlights

  • Expands Award-Winning MachXO3™ Product Family of FPGAs: Lattice announced the addition of the MachXO3L-9400 and MachXO3LF-9400 devices offer a 35% increase in LUTs and 15% more I/Os, while continuing to deliver on the promise of offering the lowest cost per I/O device. Built in response to customer demand, the new devices bring expanded I/O and logic support for control PLD applications, while increased on-chip memory improves picture clarity for low cost video bridging in large monitor applications. The MachXO3 family targets the server, communications, industrial and display markets.
  • World’s Most Power-Efficient 4K Video Solution Over USB Type-C: MediaTek and Lattice Semiconductor jointly released power-efficient reference designs that drive 4K UHD over a USB Type-C connector to deliver next-generation, low power video reference designs specifically for the growing 4K UHD, smartphone and accessory markets.
  • Launched Multi-Gigabit Baseband Processor for Wireless Fiber Applications: Lattice Semiconductor's new baseband processor, the SB6541, combined with RF transceivers built on the Company's SiBEAM™ technology can deliver multi-gigabit speeds in the 60 GHz frequency band, to offer the industry’s first comprehensive solution for wireless access and backhaul markets. The high throughput architecture supports high sustained data rates required by advanced mobile and wireless access networks.

Business Outlook - Second Quarter 2016:

  • Revenue for the second quarter of 2016 is expected to be between approximately $97 million and $103 million.
  • Gross margin percentage for the second quarter of 2016 is expected to be approximately 57.0% plus or minus 2% on a non-GAAP basis.
  • Total operating expenses, excluding acquisition or restructuring related charges, are expected to be approximately $47.5 million plus or minus 3% on a non-GAAP basis for the second quarter of 2016.

Investor Conference Call / Webcast Details:

Lattice Semiconductor will review the Company's financial results for the first quarter of 2016 and business outlook for the second quarter of 2016 on Monday, May 9 at 5:00 p.m. Eastern Time. The conference call-in number is 1-888-286-6281 or 1-706-643-3761 with conference identification number 92383155. An accompanying presentation and live webcast of the conference call will also be available on Lattice's website at www.latticesemi.com. The Company's financial guidance will be limited to the comments on its public quarterly earnings call and the public business outlook statements contained in this press release.

A replay of the call will be available approximately 2 hours after the conclusion of the live call through 11:59 p.m. Eastern Time on May 23, 2016, by telephone at 1-404-537-3406. To access the replay, use conference identification number 92383155. A webcast replay will also be available on the investor relations section of www.latticesemi.com.

Forward-Looking Statements Notice:

The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Such forward-looking statements include statements relating to: our expectation that the first quarter will represent a low point in revenue for the year, followed by a healthy uptick in the second half of 2016; that we are firmly on track to outpace expected overall industry growth; our expectation for the planned second half ramp of wins at major consumer OEM’s; our expectation that we are benefiting from diversification of Greenfield markets, as we build on the high value, high performance proposition only Lattice is delivering to customers; our belief that gross margin will be more in-line with our long-term, mid-50’s percent target, as the revenue contribution from our consumer business again rebounds during the year; and those statements under the heading “Business Outlook - Second Quarter 2016” relating to expected revenue, gross margin and total operating expenses. Other forward-looking statements may be indicated by words such as “will,” “could,” “should,” “would,” “may,” “expect,” “plan,” “project,” “anticipate,” “intend,” “forecast,” “future,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms or other comparable terminology. Lattice believes the factors identified below could cause actual results to differ materially from the forward-looking statements.

Estimates of future revenue are inherently uncertain due to, among other things, the high percentage of quarterly “turns” business. In addition, revenue is affected by such factors as global economic conditions, which may affect customer demand, pricing pressures, competitive actions, the demand for our Mature, Mainstream and New products, and in particular our iCE40™ and MachXO3L™ devices, the ability to supply products to customers in a timely manner, changes in our distribution relationships, or the volatility of our consumer business. Actual gross margin percentage and operating expenses could vary from the estimates on the basis of, among other things, changes in revenue levels, changes in product pricing and mix, changes in wafer, assembly, test and other costs, including commodity costs, variations in manufacturing yields, the failure to sustain operational improvements, the actual amount of compensation charges due to stock price changes. Any unanticipated declines in revenue or gross margin, any unanticipated increases in our operating expenses or unanticipated charges could adversely affect our profitability.

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